How To Engineer An Economic Crisis: Lessons From Ghana's Handbook
Photo credit:REUTERS/ Francis Kokoroko Three years ago, Ghana stood out as the shining star among African countries. Ghana was what every other African country wanted to become. The big brother we all looked up to. In 2019, Ghana’s economy was heralded as the fastest growing economy in the world. The IMF had estimated Ghana’s economy to grow by 8.8% that year, a jump from a growth rate of 5.6% in 2018, driven largely by flourishing oil and non-oil sectors. More to that, in December of 2019 the Ghana Cedi had appreciated by 14.81 % against the US dollar as compared to an appreciation of about 9.05% during the same period in 2018. Inflation levels were also considerably moderate at 7.9%. Looking at Ghana’s economy three years later, the wheels seem to ...